EOW Takes Over MLM-Cum-Cryptocurrency Trading Scam Cases in Southern India

The Economic Offences Wing (EOW) has taken over six cases related to a multi-level marketing (MLM)-cum-cryptocurrency trading scam in southern India. The scheme, which operated under various names including 'FQL Investment Trading', 'FQL Exchange App', and 'VG Investment Group Syndicate', had lured hundreds of residents with promises of unusually high daily returns through cryptocurrency trading.

Agents associated with the scheme allegedly induced investors to put up money by claiming that their investments could be doubled within 40-45 days. Preliminary investigations have revealed that local agents collected funds from the public via cash and G-Pay/UPI transactions, which were then converted into Tether (USDT) and transferred to FQL/VG wallets.

A total of 17 accused persons have been arrested and remanded in judicial custody, while 13 bank accounts linked to them have been frozen. The DGP has ordered the transfer of cases to the EOW for a detailed investigation due to the complex nature of the scam, which involves international linkages and suspected cryptocurrency transactions through Binance wallets.